As with most of the world, over the last 3 years Cambodia experienced a rapid rise in property prices. Primarily in the Capital city of Phnom Penh, but also in major tourist destinations such as Siem Reap and the southern coast, property prices rose as much as 10-fold in some areas. An influx of Korean investment in residential developments seemed to trigger a speculative property market frenzy with at one point property prices rising on a monthly basis. With loans being offered by local banks at around 10 per cent and property value increases being many times that, a sudden increase in property transactions ensued. At its peak prices for prime land in Phnom Penh reached $5,000 a square metre. Siem Reap saw increases in values peaking around $1,000 a square metre. Beach front land in Sihanoukville experienced similar rises.